Yeah, I suppose it would be more fitting for it to be a hardcore tournament, but I couldn't think of any dead tag teams.
By my count, there are sixteen non-tag champ, non-jobber active people if you do not include Fasaki, Blum, and Ghost Machine, and if you include TKO. That's eight tag teams, if everyone were interested in being in the tournament, which is a perfect number for single or even double elimination.